All articles tagged with #inventory surge
Pending home sales in the US continue to decline, reaching near record lows across all regions, with a significant increase in cancellations and rising inventories, especially in the South and West, as high prices and economic factors suppress demand.
Condo and single-family home sales have plummeted to historic lows, with condo sales hitting the lowest since 2012 and inventory reaching levels not seen since the housing bust, driven by a sharp decline in demand due to skyrocketing prices that have become unsustainable, leading to significant price drops in many major cities.
Pending home sales in the US declined significantly in April across all regions, with the West and South experiencing the steepest drops and inventories reaching five-year highs, indicating a market correction after pandemic-driven price spikes. Despite falling sales, inventories are rising, especially in California, Florida, and Texas, providing better negotiating power for buyers. Mortgage rates have stabilized around 6.89%, but high prices continue to hinder demand, reflecting a market adjusting from pandemic excesses.